welcome. >> thank you. >> so the fiscal cliff issue, end of the year is looming. we saw the response to this opening gambit by president obama. how likely is it that this is the final plan put forward, what elements do you expect to be most critical here as talks continue? >> i think there will be a lot of brinkmanship. this is just the beginning of the process. i think it will be a while. we'll probably go into next year and actually go over the cliff temporarily before they get a deal. >> so you're in the over the cliff camp. >> if you talk to people in washington, they think it will be done before christmas. how can they say we'll go away on say case, don't worry, we'll be back and solve this, but i think it will be pretty tough to solve it before we actually go into next year. >> merry christmas, here is your tax hike? >> i think people are preparing for that anyway. i think everyone realizes that tax rates for upper households will go up. >> certainly companies are aware of what's happening. >> you're seeing more deals to take advantage of the lower capital g